Shoppers struggle as banks cancel credit cards

Mozo

Thursday 02 June 2011

Consumers purchasing goods over the weekend may have had to wait to buy their chosen products as a number of major banks cancelled their credit cards.

Aussie banks cancel credit cards

Among the financial institutions to take the drastic security step were the Commonwealth Bank of Australia (CBA), Westpac, National Australian Bank and St George, reports the Australian.

CBA revealed that about 8,000 credit cards were cancelled after a potential breach, but asserted that clients had been notified by SMS and email.

"The bank continuously monitors all credit card transactions to protect our customers from fraud and during this process we became aware of a potential credit card compromise," a spokesperson for the bank stated.

Members of staff at a Sydney Dick Smith store told Channel News that some customers had had to find alternative methods of payment as their plastic had been declined.

According to figures from the Australian Crime Commission, Aussies lost $170 million through credit card scams last year.

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